Alnylam Q2 2026: revenue up 67.0%, EPS beat, TTR guidance cut
Alnylam delivered a strong quarter with a softer full-year message: revenue rose 67.0% to $1.29 billion and non-GAAP EPS of $1.84 beat the $1.5858 consensus, yet management cut full-year TTR product sales guidance to $4.2–$4.5 billion. Read this as a launch finding its real growth rate after an early phase flattered by pent-up demand, not as a business losing its franchise.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS was $1.21 versus a $0.55 loss a year ago, and non-GAAP diluted EPS of $1.84 beat the $1.5858 consensus. The $0.63 gap between the two is mostly $86.625 million of stock-based compensation that Alnylam strips out; on a GAAP basis net income was $164.494 million. Operating income flipped to $231.441 million from a $16.199 million loss.
Total revenue of $1.29 billion rose 67.0% from $773.689 million a year ago, with net product revenue up 74.0% to $1.172 billion. Total TTR product revenue hit $1.030 billion, up 89.0%, while collaborations fell 23.0% to $47.165 million and royalty revenue rose 79.0% to $71.674 million. Growth is almost entirely AMVUTTRA, which booked $1.011 billion as ONPATTRO fell 65.0% to $18.461 million.
Management cut total TTR net product revenue guidance to $4.2–$4.5 billion from $4.4–$4.7 billion, and total net product revenue to $4.7–$5.1 billion from $4.9–$5.3 billion. Collaborations and royalties guidance was raised to $575–$625 million from $400–$500 million, and non-GAAP R&D plus SG&A was reiterated at $2.7–$2.8 billion. The new total net product revenue midpoint is $4.9 billion, a band roughly 4.1% wide around that midpoint.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-24
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